BNB Price Rebound Possible: Can It Climb Back to $720?

BNB worth is consolidating above the $675 assist zone. The worth is consolidating and may purpose for a contemporary improve above the $700 resistance.

• BNB worth is struggling to settle above the $700 pivot zone.
• The worth is now buying and selling beneath $700 and the 100-hourly easy shifting common.
• There was a break above a connecting bearish development line with resistance at $695 on the hourly chart of the BNB/USD pair (information supply from Binance).
• The pair should keep above the $680 stage to start out one other improve within the close to time period.

BNB Value Holds Help

After a draw back correction, BNB worth discovered assist at $675. It’s now recovering losses like Ethereum and Bitcoin. There was a transfer above the $685 stage.

The worth was capable of get better above the 23.6% Fib retracement stage of the downward transfer from the $745 swing excessive to the $674 low. There was additionally a break above a connecting bearish development line with resistance at $695 on the hourly chart of the BNB/USD pair.

The worth is now buying and selling beneath $700 and the 100-hourly easy shifting common. If there’s a contemporary improve, the worth might face resistance close to the $700 stage. The subsequent resistance sits close to the $710 stage or the 50% Fib retracement stage of the downward transfer from the $745 swing excessive to the $674 low.

A transparent transfer above the $710 zone might ship the worth increased. Within the said case, BNB worth might check $725. An in depth above the $725 resistance may set the tempo for a bigger transfer towards the $740 resistance. Any extra positive factors may name for a check of the $750 stage within the close to time period.

One other Dip?

If BNB fails to clear the $710 resistance, it might begin one other decline. Preliminary assist on the draw back is close to the $685 stage. The subsequent main assist is close to the $675 stage.

The principle assist sits at $650. If there’s a draw back break beneath the $650 assist, the worth might drop towards the $642 assist. Any extra losses might provoke a bigger decline towards the $625 stage.

Technical Indicators

Hourly MACD – The MACD for BNB/USD is shedding tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BNB/USD is at present above the 50 stage.

Main Help Ranges – $685 and $675.

Main Resistance Ranges – $700 and $710.

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